A Beginners Guide: Tax Basics

Don’t worry, we know taxes can be a complicated topic fortunately, we’ll break down tax season and ways for you to better prepare.

What is tax season?
Taxes are a part of our everyday lives – from sales tax when shopping or eating out, to the income tax that get deducted from your paychecks. Tax season is a period in the year which most individuals file their income taxes which sums up all the money you’ve made in the past year.

Who must file a tax return?
Most people in the U.S. need to file a tax return. Whether or not you need to file depends on your filing status, gross income, age, and if you’re someone’s dependent.

How to prepare
Gathering documents and information you may need is an important step and depending on how you file will decide how many documents you need to collect. If you don’t have all your documents, do not panic! Some arrive in the mail, online, or you just may need to follow up and seek on your own.

Decide how you will file
There are a few ways you can file your return. Send your return by hand and mail it, use tax software, or hire someone. How you file is up to you, and you should do what is best for your situation but if in doubt do not hesitate to hire an experienced professional.

Sending off your tax return is essential because not only does it show you’ve acknowledged what you’ve contributed but makes it easier for you in the future with future filings. Always remember that there are deadlines, and you shouldn’t wait last minute to send off your returns.

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